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Bullion Outlook

• MCX gold prices rose yesterday snapping their six straight sessions of losses, due to a pullback in the US dollar and lower US treasury yields

• Further, bullion prices were supported by weak services PMI data from the US

• MCX gold prices are expected to trade with a positive bias for the day amid weakness in US dollar index. MCX Gold prices likely to surpass the hurdle of | 51,520 to continue its upward trend towards the level of | 51,620. Additionally, silver prices are likely to take cues from gold prices and move towards | 55,860 level in coming session

Base Metal Outlook

• MCX copper and aluminium prices advanced on Tuesday helped by drop in LME warehouse inventories and signs of improving demand in China

• Further, copper and aluminium prices were supported as high power costs have already prompted temporary shutdowns at base metal smelters in Europe

• MCX copper prices are expected to rise for the day amid expectations of strong pending home sales data from the US. It is likely to trade in the range of | 670 to | 680 in the coming session

Energy Outlook

• MCX natural gas fell more than 4.30% amid worries over a further delay in restarting of initial operations at the Freeport LNG export plant in Texas

• MCX crude oil prices jumped almost 4.80% after Saudi Arabia floated the idea of Opec+ output cuts to support prices in the case of returning Iranian crude oil

• We expect MCX crude oil prices to trade with a negative bias for the day amid expectations that US commercial crude oil inventories may rise

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