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Daily Commodity Outlook

Bullion Outlook

* Comex gold prices soars above the $1,700 mark for the first time in two weeks on Monday amid weak US dollar and US 10 years treasury yields

* Further, concerns over global economy slowdown supported bullion prices to move higher

* MCX gold prices are expected to trade with a positive bias for the day amid weakness in US dollar index. It is likely to break the key resistance level of | 51,250 to trade in upward trend towards the level of  51,600 in the coming trading sessions

* Additionally, silver prices are likely to take cues from the gold prices and trade towards the level of | 62,700

Base Metal Outlook

* MCX copper rose yesterday amid continuous drop in LME warehouse inventories

* However, sharp upside was prevented as Chinese factory activity contracted at a sharper pace in September as strict COVID lockdowns disrupted production and hit demand for Chinese goods

* We expect copper prices to trade with a negative bias for the day on expectations of weakening demand, reinforced by manufacturing data from around the world.

Energy Outlook

* MCX crude oil prices jumped by nearly 4.2% on Monday as OPEC+ considered reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic

* Further, top oil exporter Saudi Arabia may raise prices for most crude grades it sells to Asia in November on expectations for demand recovery, supported crude oil prices

* We expect MCX crude oil prices to trade with a positive bias for the day as OPEC+ considers output cut to support crude oil prices

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