Silver prices are expected to take cues from gold prices and are likely to head towards | 62,500 levels - ICICI Direct
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Bullion Outlook
Comex gold prices gained 0.44% on Tuesday amid expectations of higher CPI data from US and worries over new corona virus variant
Friday's U.S. Consumer Price Index report could be crucial in gauging the Fed's next move and it may decide monetary policy in the next FOMC meeting on Dec 14 and 15
MCX Gold prices are likely to trade in a range of | 47,900 to 48,400 levels with a positive bias due to expectations of higher consumer inflation data that may influence the Federal Reserve's interest rate hike timeline. However, a sharp upside may be capped on rise in risk appetite in the global markets and rise in dollar index.
Silver prices are expected to take cues from gold prices and are likely to head towards | 62,500 levels for the day
Base Metal Outlook
Copper prices surged 0.71% on Tuesday after world's top metals consumer China's imports climbed in November
China customs data showed, imports climbed 31.7% in November from 19.8% in October, well above the forecast levels of 20.6% as demand for industrial metals rose after the easing of a power crunch that had dented production.
The Chile’s copper exports soared by more than 35% to $4.92 billion in November, bolstered by strong global prices of the metal. Further, Refined copper stocks in Shanghai bonded warehouses fell almost 17% in November and now stand at just under 170,000 tonnes, lowest in records dating to 2013
MCX copper prices are likely to trade in a range of | 730 to 745 levels with a positive bias due to supply disruptions and further decline in LME inventories
Energy Outlook
Crude oil prices gained 4.5% on Tuesday as concerns over the impact of the Omicron coronavirus variant on global fuel demand eased and Iran nuclear talks stalled
According to the US EIA report released on Tuesday, global consumption of petroleum and liquid fuels will increase by 3.5 million barrels per day in 2022 to average 100.5 million barrels per day
US natural gas surged 2.57% on Tuesday as traders weighed the risk of fresh US sanctions against top supplier Russia should it invade Ukraine. The increased tension adds to existing worries over Russian supplies to the European Union
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