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Daily Commodity Outlook

Bullion Outlook

* MCX gold prices edged higher yesterday amid weaker than expected macroeconomic data from the US

* The number of Americans filing new claims for unemployment benefits rose by 29,000 to 219,000 in the week ended October 1, sharply above expectations of 203,000

* MCX gold prices are expected to trade with a positive bias for the day amid expectations of weak macroeconomic data from the US. It is likely to break the key resistance level of | 52,100 to trade in an upward trend towards the level of | 52,350 in the coming trading session

Base Metal Outlook

• MCX copper and aluminium prices dropped on Thursday amid rise in LME warehouse inventories

• Further, copper & aluminium prices were pressurised by strong US dollar index

• Lead prices hit a seven-week high on Thursday as available lead inventories in LME-approved warehouses tumbled by 44% to 15,600 tones, the lowest in three decades

• We expect lead prices to trade with a positive bias for the day as inventories slumped amid worries about smelter shutdowns

Energy Outlook

• MCX crude oil prices rose on Thursday, holding at three-week highs after Opec+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrels per day

• Natural gas prices advanced despite sharp rise in US natural gas inventories from 2,977 bcf to 3,106 bcf

• We expect MCX natural gas prices to trade with a positive bias for the day on concerns that damage to the Nord Stream (NS) pipeline systems that connected Russian natural gas supply to Western Europe was caused by detonations and more than likely sabotage

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