MCX industrial metals prices fell yesterday amid weak manufacturing data from China - ICICI Direct
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Daily Commodity Outlook
Bullion Outlook
• MCX gold prices slipped and hit a six-week low on Thursday as sentiment was weighed down by a strong US dollar and prospects of aggressive interest rate hikes by major central banks to tame inflation
• Further, bullion prices were pressurised by a rise in US 10 years treasury yields
• MCX gold prices are expected to trade with a negative bias for the day amid strong US dollar index. It is likely to break the hurdle of | 49,980 to touch the level of | 49,860 in the coming session
• Additionally, investors will closely watch key macroeconomic data from the US
MCX Gold vs Silver Performance
Base Metal Outlook
• MCX industrial metals prices fell yesterday amid weak manufacturing data from China
• The Caixin China General Manufacturing PMI unexpectedly declined to 49.5 in August 2022 from July’s 50.4, missing market forecasts of 50.2 and pointing to the first contraction in the sector since May. The latest print reflected the impact of widespread Covid lockdowns and electricity shortages
• We expect copper prices to trade with a negative bias for the day on concerns over weak manufacturing activity across major economies
MCX Copper vs. Aluminium Performance
Energy Outlook
• MCX crude oil prices tumbled almost 4.00% on Thursday as new Covid-19 lockdown measures in China added to worries that high inflation and interest rate hikes are denting fuel demand
• Further, crude oil prices were pressurised as Opec's output hit 29.6 million barrels per day (bpd) in the most recent month
• We expect MCX crude oil prices to trade with a negative bias for the day on concerns over weak demand from China. It is likely to trade in the range of | 6750 to7000 in coming trading sessions
• Additionally, investors will keep an eye on US Baker Hughes total rig count
MCX Crude Oil vs. Natural Gas Performance
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