MCX Aluminium prices gained 2.44% on Friday - ICICI Direct
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Bullion Outlook
Comex Gold prices declined 0.77% on Friday amid stronger dollar and hawkish statements from Federal Reserve officials. Fed Governor Christopher Waller and Vice Chair Clarida called for increasing pace of winding down bond purchases, making way for possible rate hike
Further, US jobless claims data strengthened bets for an earlier than expected rate hike by the Federal Reserve following recent surge in US inflation and better retail sales data from US
MCX gold prices are likely trade in a range of | 48,600 to 49,100 levels with negative bias on the back of stronger dollar and expectation of early rate hike from Federal Reserve. However, sharp downside may be prevented on worries over rising Covid cases in Europe and concerns over higher inflation
Base Metal Outlook
MCX Aluminium prices gained 2.44% on Friday after explosion at a aluminium plant in China raised fears about tighter supplies. Further, decline in LME Inventories boosted the aluminium prices
An aluminium plant in China's Yunnan province with annual capacity of 300,000 tonnes has stopped production after an explosion on Thursday evening
Aluminium stocks in LME registered warehouses were at 948,650 tonnes, lowest since 2018. The premium of LME cash aluminium over the three-month contract increased to $17 a tonne, suggesting tightening nearby supplies
MCX Aluminium prices are likely trade in a range of | 208 to 216 levels with positive bias due to supply disruptions and fall in LME inventories. However, sharp upside may be prevented on strong dollar
Energy Outlook
US crude oil prices declined by 3.49% on Friday on the back of stronger dollar and on worries that renewed Covid-19 restrictions in Europe may hurt demand
According to the Commodity Futures Trading Commission (CFTC) released on Friday, money managers reduced their net long position in crude contracts by 33,527 to 320,280 over the last week, indicating bearish sentiment in the crude oil market
US natural gas futures rose 3.6% on Friday amid colder weather forecast in US, record high liquefied natural gas LNG exports from US
MCX crude oil prices are likely trade in range of | 5,500-5750 levels with a negative bias due to a strong dollar, higher oil supply and demand concerns. Further, Japan is considering releasing oil from its reserves for the first time, which may put pressure on oil prices
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