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Daily Commodity Outlook

Bullion Outlook

* MCX gold prices dropped yesterday amid a continuous rise in US 10 years treasury yields

* Further, bullion prices were pressurised by drop in initial jobless claims from the US

* MCX gold prices are expected to trade with a positive bias for the day amid weakness in US dollar index. It is likely to surpass the hurdle of | 50,500 to trade in upward trend towards the level of | 50,650 in coming trading session

* Additionally, silver prices are likely to take cues from the gold movement and trade in upward trend towards | 58,000 level

Base Metal Outlook

* MCX copper prices edged higher by almost 1.70% yesterday on expectations that buyers of refined copper in China, the world's biggest consumer of the red metal, may raise their purchases of Russian supply next year to reduce the impact of an expected increase in premiums from other global miners

* Further, stronger than expected existing home sales data from the US supported copper prices

* We expect MCX copper prices to trade with a positive bias for the day amid expectation of higher copper demand from Chinese buyers

Energy Outlook

* MCX natural gas prices tumbled more than 2.30% on Thursday amid rise in US natural gas storage from 3,231 Bcf to 3,342 Bcf

* MCX crude oil prices rose in response to tighter supplies and on news that China is considering a cut in the duration of quarantine for inbound visitors

* We expect MCX crude oil prices to trade with a positive bias for the day on expectations that China is possibly easing Covid-19 quarantine measures, which may increase demand for crude oil

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