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Daily Commodity Outlook

Bullion Outlook

* Comex Gold prices dropped to a two-week low on Thursday as a higher-than-expected rise in US September inflation cemented bets, the Federal Reserve will persist with aggressive interest rate hikes

* However, weakness in US dollar index restricted further downside in the bullion prices

* MCX gold prices are expected to trade with a positive bias for the day amid weak US dollar. It is likely to trade in upward trend towards the level of | 51,050 in the coming trading session

* Additionally, investors will keep an eye on retail sales data from the US for more clarity

Base Metal Outlook

* MCX copper prices advanced yesterday on expectations that Chile's Codelco, the world's biggest copper miner, is offering to sell copper to European buyers at a record high premium around $235 a tonne for 2023, a rise of 85% from 2022

* However, sharp upside was capped by worries about demand weakening at top consumer China amid rising Covid-19 cases and the country's persistently stringent Coronavirus restrictions

* We expect MCX copper prices to trade with a negative bias for the day on expectations of weak macroeconomic data from China

Energy Outlook

* MCX crude oil edged higher on Thursday, as low levels of diesel inventory ahead of winter triggered buying and reversed early losses that followed higher-than-expected stocks of crude

* Distillate stockpiles, which include diesel and heating oil, fell by 4.9 million barrels in the week ended October 7 to 106.1 million barrels, the lowest since May

* We expect MCX crude oil prices to trade with a negative bias for the day amid concerns that rising inflation will dent fuel demand

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