MCX copper prices edged higher by 0.88% on Friday

01-01-1970 12:00 AM | Source: ICICI Direct

MCX copper prices edged higher by 0.88% on Friday - ICICI Direct

News By Tags | #473 #3961

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Bullion Outlook

• Comex gold prices rose on Friday amid weak US dollar index and US 10 years bond yields

• However, expectations of aggressive interest rate hike from the US Fed prevented further upside in bullion prices

• 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 | 49,500 to continue its upward trend towards the level of | 49,700 in the coming trading session

• Additionally, silver prices are expected to take cues from gold prices and trade in upward trend to touch | 57,500 level

Base Metal Outlook

• MCX copper prices edged higher by 0.88% on Friday amid strong macroeconomic data from China

• China's industrial production increased 4.2% YoY in August 2022, compared with market consensus and July's reading of 3.8%. It was the fourth straight month of growth in industrial output and the steepest pace in the sequence following signs that the recent Covid wave may have peaked

• We expect copper prices to trade with a negative bias for the day amid worried about slowing economic growth may hamper base metals demand

Energy Outlook

• Nymex crude oil prices traded flat on Friday despite a spill at Iraq's Basra terminal that appeared likely to constrain crude oil supply

• MCX natural gas prices tumbled by 6.57% as the state-owned Kuwait Oil Company aims to increase natural gas production

• We expect MCX natural gas prices to trade with a positive bias for the day as US shale drillers are struggling to meet strong demand for gas from domestic generators