MCX Copper prices gained 1.04% on Friday - ICICI Direct
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Bullion Outlook
MCX gold prices surged 0.26% on the back of weakness in dollar index and concerns over higher inflation. However, sharp gains were prevented by a rise in US treasury yields
Dollar index declined 0.07% on Friday after US Michigan's consumer sentiment fell to 66.8 in November of 2021 from 71.70 in October
US benchmark 10 -year treasury yields raised by 0.89% to 1.57, increasing the opportunity cost of holding non -yielding bullion
MCX gold prices are likely trade in a range of 48,850 to 49,700 levels with positive bias due to rising Covid cases in Europe and concerns over high inflation. Silver prices are expected to take cues from gold prices and will likely move towards 67,800 to 68,000 levels in coming sessions Further, investors will now focus on unemployment data from China
Base Metal Outlook
MCX Copper prices gained 1.04% on Friday amid weakness in dollar index, easing worries over Chinese property market and decline in LME inventories
LME copper inventories in LME-registered warehouses slipped to 100,300 tonnes, the lowest since 2018
Power cutbacks at copper smelters and refineries have reduced 60,000 tonnes of refined copper output in China. It has been restricting electricity consumption of highly energy-intensive sectors to reduce carbon emissions and reserve electricity for residents ahead of the winter
MCX copper prices are likely trade in a range of 738 to 760 levels with positive bias due to weakness in dollar index and decline in LME Inventories. Further, investors will remain cautious ahead of industrial production data from China
Energy Outlook
US crude oil prices declined 1.07% on Friday on the back of Biden administration plans to release more oil from the Strategic Petroleum Reserve and increase in oil rig counts. However, sharp downside was prevented by fall in dollar index
According to the Baker Hughes report released on Friday, US oil rigs increased to 454 this week, highest since April 2020 while gas rigs rose two to 102, highest since September 2021
US Natural gas futures slipped 7.17% on Friday amid warmer weather conditions in US, higher gas rig counts and an increase in Russian gas flows to Europe
MCX crude oil prices are likely trade in the range of 5,850 to 6150 levels with negative bias due to higher rig counts. Further, demand concerns from Asia may put pressure on the crude prices
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