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Daily Commodities Outlook

Bullion Outlook

• Gold prices slipped from more than one-week high on Monday as dollar rebounds on hawkish statement from Fed officials. Further, investors await remarks from Federal Reserve Chair Jerome Powell who is due to speak on Wednesday at Brookings Institution event

• Further, uptick in US 10 years treasury yields added downside pressure on prices

• Gold prices are expected to trade with a negative bias for the day amid strong US dollar. Meanwhile, investors will closely watch CB consumer confidence data from the US, which is expected to decline from 102.5 to 100. MCX Gold is likely to break the key support level of ? 52,700 to continue its downward trend towards the level of  52,500

• Additionally, silver prices are expected to take cues from gold prices and trade in downward trend towards the level of  60,000

Base Metal Outlook

• LME copper and aluminium prices dropped yesterday as worries about demand in top consumer China were reinforced by protests against the country's strict COVID-19 curbs

• Further, copper prices have come under pressure from rising stocks in LME registered warehouses, which have increased by 17% since Nov. 10 to 91,200

• Moreover, Chinese authorities have introduced a range of measures in an attempt to revive growth, but the recovery has been stifled by COVID woes and a slowdown in the global economy, which dented demand for industrial metals

• MCX Copper prices are expected to trade with a negative bias for the day amid worries over rising COVID-19 cases in China, strong dollar and pessimistic global market sentiments

Energy Outlook

• WTI crude oil prices pulled back from their lowest levels in nearly a year on rumors that OPEC+ may consider a new cut at its upcoming meeting. Talks of OPEC+ production cut offset concerns about strict COVID-19 curbs in China, the world's biggest crude importer

• Additionally, EU governments failed to agree on cap, with Poland insisting the cap should be set lower than proposed by G7

• Crude oil prices are expected to trade with a negative bias for the day amid strong dollar and risk aversion in the global markets. Market sentiments are hurt on concern over widespread protest across China and hawkish comments from Fed officials

• Oil prices may drop further on concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. Additionally, investors will remain cautious ahead of key meeting of OPEC+ scheduled on 4 th December

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